N26 GmbH, a Berlin, Germany-based mobile bank, raised over $100m in an extension to its Series D funding round.
Major existing investors in the company participated in the extension funding, which brought total funding raised in the round to $570M, more than $770m in total since founding, and kept valuation at $3.5 billion.
The company intends to use the funds to accelerate product development and strengthen its presence in its core markets.
Co-founded by Valentin Stalf and Maximilian Tayenthal in 2013 and led in the US by Nicolas Kopp, N26 acts as a mobile bank with a full European banking license, and no branch network. With more than 5 million customers in 25 markets, the company employs more than 1.500 employees across 5 office locations: Berlin, New York, Barcelona, Vienna and São Paulo. Backers in the company included Insight Venture Partners, GIC, Tencent, Allianz X, Peter Thiel’s Valar Ventures, Li Ka-Shing’s Horizons Ventures, Earlybird Venture Capital, Greyhound Capital, Battery Ventures, in addition to members of the Zalando management board, and Redalpine Ventures. N26 operates Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland and the US, where it operates via its wholly-owned subsidiary, N26 Inc., based in New York. Banking services in the U.S. are offered by N26 Inc. in partnership with Axos® Bank, Member FDIC.